My final updates is that the city said they would need to do drilling and add meter hardware because of the position of the main line in the culdesac, probably amounting to, say, 8k.

The 3 main reasons I would like to remove them are: their rent is way below fair market, they are very filthy/hoarders, and I want to renovate the entire property.

Apparently my income to debt ration is too low, they would only give me 90% over 20 Years even though my Active Income + Rental Income is double my debt. - Was very strange.

When it comes to refi, look for mortgage or small banks that will refi based on the asset, not your ability to repay the debt.

Main problem is, there is what looks like 1-2 feet of still dark water sitting in the basement ( completely concrete unfinished basement no drywall or flooring).

I know this additional income is nothing to write home about, but I also know this would affect my debt to income ratio.

The fear is that there is a trustee assigned and 3 other debts included in the NO. 

List price: $155k  Zestimate: $160k Rental Estimates: $1000-1200Offer Strategy 1: Subject To (depending on what I find out about underlying debt, payment and willingness to keep mortgage in their name)Offer Strategy 2: Lease Option (with right to sublet)Offer Strategy 3: Wrap Mortgage (then after seasoning connect them with a note purchaser if the wrap could be setup in a marketable way where this works for the seller and note buyer)Thoughts?

@Marc Celoy welcome to BP. the main thing to be aware of when purchasing condo's would be the HOA.

The main rehab loans are the 203k and the HomeStyle loan.